57. A physical inventory taken on December 31, 2022 resulted in an ending inventory of P1,440,000. Circus Company suspects some inventory may have been taken by employees. To estimate the cost of missing inventory, the following were gathered: Inventory, December 31, 2021 1,280,000 Purchases during 2022 5,640,000 Cash sales during 2022 1,400,000 Shipment received on December 26, 2022, included in physical inventory, but not recorded as purchases 40,000 Deposits made with suppliers, entered as purchases. Goods were not received in 2022 80,000 Collections on accounts receivable, 2022 7,200,000 Accounts receivable, January 1, 2022 1,000,000 Accounts receivable, December 31, 2022 1,200,000 Gross profit percentage on sales 40% At December 31, 2022 what is the estimated cost of missing inventory?
57. A physical inventory taken on December 31, 2022 resulted in an ending inventory of P1,440,000. Circus Company suspects some inventory may have been taken by employees. To estimate the cost of missing inventory, the following were gathered:
Inventory, December 31, 2021 1,280,000
Purchases during 2022 5,640,000
Cash sales during 2022 1,400,000
Shipment received on December 26, 2022, included in physical inventory, but not recorded as purchases 40,000
Deposits made with suppliers, entered as purchases. Goods were not received in 2022 80,000
Collections on
Accounts receivable, January 1, 2022 1,000,000
Accounts receivable, December 31, 2022 1,200,000
Gross profit percentage on sales 40%
At December 31, 2022 what is the estimated cost of missing inventory?
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